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Jan 10, 2013
01/13
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c-span: freddie mac. >> guest: freddie mac board. we talk about high-level people in washington and the elite power circle. both sides of the aisle, absolutely both sides of the aisle. c-span: did they make much money? >> guest: jess, dated beard the interesting thing to talk about secrecy, it's fascinating because can you imagine the government sponsored enterprise did not have to reveal what it paid its top executives? public companies have to hardly amounts that they pay their top five. fannie mae and freddie mac do not have to do that. when members of congress had the temerity to ask for this information, they were shut down. c-span: how? >> guest: this is the power of these companies. they would marshal their friends on the hill and beat back any attempt to identify the riches that the top executives are making. c-span: i want to show you video of jim johnson. it's 1996. it's your reaction to this. >> demographic changes and aging baby boomers have expanded the number of people who seek to own homes. as these forces will come to
c-span: freddie mac. >> guest: freddie mac board. we talk about high-level people in washington and the elite power circle. both sides of the aisle, absolutely both sides of the aisle. c-span: did they make much money? >> guest: jess, dated beard the interesting thing to talk about secrecy, it's fascinating because can you imagine the government sponsored enterprise did not have to reveal what it paid its top executives? public companies have to hardly amounts that they pay their...
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Jan 1, 2013
01/13
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CSPAN2
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so we interviewed a number of risk officers at freddie mac and the ceo and others. and it sort of built out. and when i sat back at the end, i looked, and the one institution we didn't interview was td bank in canada. and, of course, bb and t as you pointed out. we didn't interview td bank, but i started looking at their financial statements. and in '04 they said we're loading up because america, united states subprime mortgages are a really great deal n. '05 they said we've decided to get out of the american residential mortgage market. in '06 today wrote we've taken losses, over $100 million which was a lot for that company, but we're out. in 2010 edmund clark, the ceo, gives an interview, and he says, you know, we got out of our exposure to subprime, and all the stock analysts wrote that i was an idiot. [laughter] so i sort of collected as we went some comments are, unfortunately, off the record rather than on the record. i mean, in term ors of alex's point that the market can stay irrational longer, and he has a marvelous twist on that quote in the book, longer
so we interviewed a number of risk officers at freddie mac and the ceo and others. and it sort of built out. and when i sat back at the end, i looked, and the one institution we didn't interview was td bank in canada. and, of course, bb and t as you pointed out. we didn't interview td bank, but i started looking at their financial statements. and in '04 they said we're loading up because america, united states subprime mortgages are a really great deal n. '05 they said we've decided to get out...
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Jan 8, 2013
01/13
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LINKTV
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sell the toxic loans to fannie mae and freddie mac. while bank of america reaped a windfall, fannie and freddie were stuck with huge losses and foreclosed properties. in another major settlement, bank of america and nine other major lenders have agreed to pay $8.5 billion to settle claims of wrongfully foreclosing on millions of american homeowners. the settlement covers a number of foreclosure abuses including flawed paperwork, robosigning, and wrongly modified loans. the settlement will end in and in a review of all foreclosures, meaning the banks could be avoiding billions of dollars in further penalties. diane thompson, a lawyer with the national consumer law center, criticized the deal, telling the associated press -- opposition activists in bahrain are vowing to continue protests despite the court's decision to uphold the prison terms of 13
sell the toxic loans to fannie mae and freddie mac. while bank of america reaped a windfall, fannie and freddie were stuck with huge losses and foreclosed properties. in another major settlement, bank of america and nine other major lenders have agreed to pay $8.5 billion to settle claims of wrongfully foreclosing on millions of american homeowners. the settlement covers a number of foreclosure abuses including flawed paperwork, robosigning, and wrongly modified loans. the settlement will end...
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Jan 27, 2013
01/13
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CSPAN2
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and we were trying to do something about freddie mac and fannie mae. we were running the numbers and was mathematically certain that they were going to run. everybody in this business i would argue 15-year-old what say we met with congress and with wonderful people like chris dodd and barney frank. yet he wouldn't look at the facts. why did he obey? because he had a religious belief and affordable housing, and freddie and fannie were huge political contributors. there were contributors to the republican party and the biggest contributor to the democratic party. some of congress he dated and freddie and fannie sucked the housing market's down the tubes to give lots of bells and whistles but fundamentally we had a massiveness investment because the federal reserve printed too much money and it ended up in the housing market in freddie mac and fannie mae. there are lots of other things like the negative amortization mortgages and the issue of the derivatives market, which i really do cover in my book and would be glad to talk about in the q&a but i wanted
and we were trying to do something about freddie mac and fannie mae. we were running the numbers and was mathematically certain that they were going to run. everybody in this business i would argue 15-year-old what say we met with congress and with wonderful people like chris dodd and barney frank. yet he wouldn't look at the facts. why did he obey? because he had a religious belief and affordable housing, and freddie and fannie were huge political contributors. there were contributors to the...
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Jan 27, 2013
01/13
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number two, or freddie mac $88.26 billilion. they are b based in mclean. no. 3, lockheed martin, $46 billion, with 123,000 employe. they b by farar have the largest employees in the list. >> once again, a government contract is a big player. th are bigmployers to general dynamimics lockheed, some of the biggest employers in the region. marriott is also one of the big employers. you have hotels and government contractors. what is interesting is who is on and who is off. >> who got kicked off thehe list of public companies? >> sallie mae is one of them. they moved. they are in delaware now. one of thehe trends is b big public companies going private. one was black brd, which is always a big deal as a public company in washington and they are now a privivate companyny. >> fannie mae and freddie mac are always a ltle controversial witcongress. quasi-private, quasi-public. let's go on to the largegest privately owned companies in the washington region. number one, landing the sweet ot, a candcompany bad in mcleanan $3030 billion in revenue only 340 in thmetro a
number two, or freddie mac $88.26 billilion. they are b based in mclean. no. 3, lockheed martin, $46 billion, with 123,000 employe. they b by farar have the largest employees in the list. >> once again, a government contract is a big player. th are bigmployers to general dynamimics lockheed, some of the biggest employers in the region. marriott is also one of the big employers. you have hotels and government contractors. what is interesting is who is on and who is off. >> who got...
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Jan 15, 2013
01/13
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FBC
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fannie mae and freddie mac went into conservative ship. not much has happened since 2008. it is time for the congress to look at this, this is the year we have the historic moons lineup. gerri: obama in his second term. you say politically it is a great time. what do you believe should happen? should we get fannie mae and freddie mac out of the business of supporting the housing market? >> this is a multi-trillion dollars market. to say to get them out of the business is an extreme concept. gerri: why? >> we have to change the way they operate. the public companies with government support is not a good idea. taxpayers have too much at risk. but you can wind down the portfolio and keep them in a utility kind of role, providing a guarantee this week or last week, the consumer financial protection board put out rules. gerri: we reported on that extensively. i wanted to ask you about something you just said. he said he can take out fannie mae or freddie mac but it seems to me if you don't, you run the same risk you had back in 2008 that alternately the government will be suppo
fannie mae and freddie mac went into conservative ship. not much has happened since 2008. it is time for the congress to look at this, this is the year we have the historic moons lineup. gerri: obama in his second term. you say politically it is a great time. what do you believe should happen? should we get fannie mae and freddie mac out of the business of supporting the housing market? >> this is a multi-trillion dollars market. to say to get them out of the business is an extreme...
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Jan 20, 2013
01/13
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CNN
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we worked on putting fannie mae and freddie mac to stop the lawsuits. george bush went to harry reid and nancy pelosi in december of 2007. he said the economy is slipping, i need a stimulus and they worked with him to give him the kind he can sign. then 2008, the terrible crisis and it was a very partisan thing in which the bush administration got more support from democrats and republicans in the final vote. then comes the election of barack obama and mitch mcconnell's announcement that his number one agenda item is to defeat president obama. we have, i think, a productive 2009 and 2010 and then in 2010, a group gets elected in the house, in particular, we don't believe in governance. not totally pessimistic. the way to go we've seen in the last three major issues in the house, a split within the republican party where main stream conservatives of the bob dole variety have aligned with the majority of democrats. they've been opposed by a majority of republicans in the house, but not of the whole house and speaker boehner, to his credit, has been allowi
we worked on putting fannie mae and freddie mac to stop the lawsuits. george bush went to harry reid and nancy pelosi in december of 2007. he said the economy is slipping, i need a stimulus and they worked with him to give him the kind he can sign. then 2008, the terrible crisis and it was a very partisan thing in which the bush administration got more support from democrats and republicans in the final vote. then comes the election of barack obama and mitch mcconnell's announcement that his...
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Jan 27, 2013
01/13
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CSPAN2
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mac and fannie mae at least half loans have to be in affordable lending. that was the dramatic announcement because of the size of fannie and freddie and they identified the risk involved in it and said fitted for a year so big that they cannot meet the goal without radically reducing menders -- lending standards and if they achieve that goal they will take so much risk that they could get into financial trouble and they are so vague they can take up the whole financial system. nine years later date of $5 trillion in had $2 trillion of some prime even before they failed they were leveraged 1,000 / one. like a net worth of $10,000 and can borrow to million. you can only do that if the government guarantees your debt. this is under estimated. the dominant player with half of the market share driving down lending standards to suck everybody into that whole. and withhold industry with half of said dictate but politics played a huge role. and that the largest banks in the u.s. we were running the numbers it was mathematically certain fenian freddie we're going
mac and fannie mae at least half loans have to be in affordable lending. that was the dramatic announcement because of the size of fannie and freddie and they identified the risk involved in it and said fitted for a year so big that they cannot meet the goal without radically reducing menders -- lending standards and if they achieve that goal they will take so much risk that they could get into financial trouble and they are so vague they can take up the whole financial system. nine years later...
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Jan 8, 2013
01/13
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KDTV
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mac acusaron de dar crÉditos a personas que no tenÍan los requisitos. >>> y 10 de los mayores bancos de estados unidos acordaron pagar 8500 millones de dÓlares por supuestos abuso de embargos, se le acusa de quitarle las casas a las gentes, entre los acusados estÁn banco of amÉrica, wels fargo. >>> y 6 semanas luego de una infecciÓn continÚa en el hospital george bush padre. estuvo viendo fÚtbol colegial sin problemas dijeron sus voceros. >>> seguramente vera esta noche el campeonato nacional. >>> gracias jorge. y en la ediciÓn nocturna 18 mil millones de dÓlares es el monto invertido en el presupuesto de las agencias federales dedicadas a la agencias de inmigraciÓn es mÁs de lo que gasta todas ellos agencias de la lucha contra el crimen juntas. >>> y connecticut emitira licencias para indocumentados. y con esto y mÁs los esperamos en la ediciÓn nocturna. >>> increÍble, para hacerle... vas a tener que inventar esta noche algo para ver. >>> clinton regresa a trabajar y le regalan una pelota y un casco tambiÉn al reregresar a su oficina a trabajar. y messi sigue hacien
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Jan 12, 2013
01/13
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fannie mae and freddie mac are not pursuing principal reduction. the dollars are already there. it would be a net cost of to the taxpayer and it would help to recover in committees like san bernardino. it is not happening. services have a lot more flexibility than they have pursued in order to modify the loans including principal reduction. a financial has been a leader. others have not followed their lead. there are also things like bankruptcy protection. at a federal level, it was debated in congress, it would cost the american public nothing. it would allow households that are under financial distress to restructure the debt on their family home and keep it off. if you owned a luxury yacht or a rental property, you can restructure that debt, but you cannot if you have a moderate income. the fact that we are in this conversation is unfortunate because many things could happen before we would have to go to an extreme measure of eminent domain. >> does everyone agree, the assertion that principal reduction is what has happened? let's leave eminent domain until later in the conve
fannie mae and freddie mac are not pursuing principal reduction. the dollars are already there. it would be a net cost of to the taxpayer and it would help to recover in committees like san bernardino. it is not happening. services have a lot more flexibility than they have pursued in order to modify the loans including principal reduction. a financial has been a leader. others have not followed their lead. there are also things like bankruptcy protection. at a federal level, it was debated in...
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Jan 2, 2013
01/13
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MSNBCW
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gingrich cashed in on freddie mac. freddie mac paid newt $30,000 an hour. $1.6 million. gingrich not only teamed up with nancy pelosi on global warming, but together they co-sponsored a bill that gave $60 million a year to a u.n. program supporting china's brutal one-child policy. >> there's been a lot of discussion in my head and whether ads work in a general election. i don't think they work in october or september. people have made up their minds. but those ads out there -- tell me. >> in primaries they are deadly. and particularly in republican primaries. and that ad in particular for newt gingrich was devastating. because it hit -- it was the kitchen sink. >> what did it say about him? >> it said that, you know, he's an insider. he's a washington pal. and, look, he even pals around with nancy pelosi. didn't we just fire her? >> did you see those loving looks they worked with the camera there. >> quick on that. the interesting thing i thought -- if i were newt i would have pivoted off that caption of him and nancy together. that's what people are looking for. the par
gingrich cashed in on freddie mac. freddie mac paid newt $30,000 an hour. $1.6 million. gingrich not only teamed up with nancy pelosi on global warming, but together they co-sponsored a bill that gave $60 million a year to a u.n. program supporting china's brutal one-child policy. >> there's been a lot of discussion in my head and whether ads work in a general election. i don't think they work in october or september. people have made up their minds. but those ads out there -- tell me....
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freddie mac. why not a private institutions are there government subsidies we know the gov of the people only thing they only architecturally on the infrastructure they get as willy nilly decide that they're going to allow this to work and our work on a day to day basis that's completely tie radical it's absurd to justify this in any way it may be absurd it also happens to be legal and i you know i'm i beg to differ though it was written by the finance companies that the laws are written by visa and mastercard these banks and in the u.k. h.s.b.c. just got caught laundering money for terrorists a lot of money for travelers there brought clearly breaking the law and the defense was that if you come after us we're going to crack the financial system that was our defense how's that tolerable well is tolerable be you know it's kind of like the same reason that animals lick their genitals they do it because they can you know i mean they can get they can get away with this i'm sorry it's it is it is not
freddie mac. why not a private institutions are there government subsidies we know the gov of the people only thing they only architecturally on the infrastructure they get as willy nilly decide that they're going to allow this to work and our work on a day to day basis that's completely tie radical it's absurd to justify this in any way it may be absurd it also happens to be legal and i you know i'm i beg to differ though it was written by the finance companies that the laws are written by...
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Jan 10, 2013
01/13
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we've got an unknown future state for freddie mac and fannie mae. fha that still needs to be resolved because of their capital reserve problems. we have excessive uncertainty in the housing finance system, and qm just settles one small portion of this. i think the cfpb did a pretty good job on this rule, but we have a lot, many more shoes to drop here before we get the markets settled and really understand what credit is going to look like. >> diana, i mean, i think maria hits the nail on the head, right? it's a question about whether you get to the point of what's restrictive for the banks. banks are already not lending to the level that some people would like them to do. you just rattled off or we just heard rattled off an entire list of the headwinds that the banks are facing. >> yes. >> and yet here's another one. >> but they are already doing a lot of this, and that's the point. what the problem has been is that there's been so much uncertainty in the mortgage market because of regulation that's been coming, and we've been talking to a lot of i
we've got an unknown future state for freddie mac and fannie mae. fha that still needs to be resolved because of their capital reserve problems. we have excessive uncertainty in the housing finance system, and qm just settles one small portion of this. i think the cfpb did a pretty good job on this rule, but we have a lot, many more shoes to drop here before we get the markets settled and really understand what credit is going to look like. >> diana, i mean, i think maria hits the nail on...
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mac. did to the prime market the government gets involved they make money cheap but they create this incredible bubble which is now set to pop and so what is the second point is that from the crisis that blew up in two thousand and eight there was some hope that there would be some reform that would stop wall street from creating these massive bubbles but what you're telling me is that there has been no reform and we're we're at the bubble probably still with us right reggie you know of course is nobody from the only real. form is that the market do its job you want reform don't bill and buddy out you won't have to reform those who got carried away so people out of business then that's your reform it's actually called capitalism but you're. pretty frustrated from pure or even apply kept his own for right now. the again said he may is acting as the fannie mae of can say old coots just a few years ago and basically creating the quiddity with liquidity doesn't belong and that's was booking a
mac. did to the prime market the government gets involved they make money cheap but they create this incredible bubble which is now set to pop and so what is the second point is that from the crisis that blew up in two thousand and eight there was some hope that there would be some reform that would stop wall street from creating these massive bubbles but what you're telling me is that there has been no reform and we're we're at the bubble probably still with us right reggie you know of course...
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Jan 25, 2013
01/13
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FBC
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we will have, potentially, a change in leadership for freddie mae and freddie mac. will we see private capital come back and what we see the gsa do? connell: you had been outspoken over the last few years since the housing crisis about what the role of government should be and how government should get involved. what are your thoughts now? maybe housing has finally turned the corner. how do, we, the united states, handled the downturn? >> i will give you one example. freddie mac just came out with a recent study that the people who refinance their home had a less default rate. connell: we will not get that now. >> goldman sachs says 21 million people take advantage of low rates and save money on their mortgage. i still think there is room for it. i also think the government should work to normalize credit. unfortunately, the government is still in nine out of ten mortgages. connell: thanks a lot. appreciate it. stop being the stupid party. that is what louisiana governor bobby jindal has been saying. also, maybe, more importantly, he just wants to take a knife to fe
we will have, potentially, a change in leadership for freddie mae and freddie mac. will we see private capital come back and what we see the gsa do? connell: you had been outspoken over the last few years since the housing crisis about what the role of government should be and how government should get involved. what are your thoughts now? maybe housing has finally turned the corner. how do, we, the united states, handled the downturn? >> i will give you one example. freddie mac just came...
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Jan 19, 2013
01/13
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CSPAN
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mac. there were taken into receivership at the beginning of the crisis because of the losses they suffered on mortgages and their low levels of capital. there's a pretty widespread agreement in washington that reform is needed for those institutions. the treasury has put out some alternative suggestions. other suggestions have been made by members of congress. so far, not much progress has been made. that is one pretty obvious area that needs to be addressed. i would say that the dodd-frank bill is very broad and has covered many of the major parts .f the financial system pr >> how do you respond to the people who question the constitutionality of the federal reserve and would like to severely weaken it, and members of congress who wish to audit the fed? >> i am not a lawyer. i do know article one, section -- never mind. [laughter] so far, no one has had a supreme court case. the fed performs a critical role of managing the monetary system. let me talk about the other issue, which is more
mac. there were taken into receivership at the beginning of the crisis because of the losses they suffered on mortgages and their low levels of capital. there's a pretty widespread agreement in washington that reform is needed for those institutions. the treasury has put out some alternative suggestions. other suggestions have been made by members of congress. so far, not much progress has been made. that is one pretty obvious area that needs to be addressed. i would say that the dodd-frank...
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Jan 25, 2013
01/13
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FBC
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they haven't done anything with fannie mae or freddie mac since bailing them out. they get an "f" on that. geithner really moved nowhere on trying to reconfigure our mortgage finance system. and they have had a lot of problems trying to push through their own efforts, for instance, to get people out of underwater mortgages or, get more refinancing done. they get an "f" on that particularly because they haven't even tried to put forward a plan that would reform fannie mae and freddie mac. melissa: like sheer exhaustion. >> by the way, fannie and freddie have been huge money losers for the government. melissa: talk to me about the debt ceiling debate. i feel like he haven't even really a part of that. >> he get as d there and i'll tell you why. the treasury's responsibility really is to have a contingency plan. this is a guy who steered the economy through all of these financial crisis. you know, you ought to have some kind of plan in place for dealing with the moment when we might hit the debt crisis. an inspector general looked at this last year and discovered that
they haven't done anything with fannie mae or freddie mac since bailing them out. they get an "f" on that. geithner really moved nowhere on trying to reconfigure our mortgage finance system. and they have had a lot of problems trying to push through their own efforts, for instance, to get people out of underwater mortgages or, get more refinancing done. they get an "f" on that particularly because they haven't even tried to put forward a plan that would reform fannie mae and...
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mac, all disasters, all costing the taxpayer. for more on this on crony capitalism, i'm joined by tim carney, senior political columnist by the "washington examiner" author of book, obama-mics and how barack obama is bankrupting you and enriching his are corporate friends, wall street lobbyists. this is the perfect guest for this siggment. thanks for coming in. appreciate you being here. what can we look forward to in the next four years do you think when it comes to crony capitalism? >> barack obama will be pro-business in his own way, which is also pro-government. in other words he will be subsidizing industries he wants to succeed, regulating in a way that protects the biggest businesses in some industries and making sure that people don't make profits in ways that he doesn't want to succeed. you will see a lot more green energy stuff you saw in the stimulus bill and that he tried to push forward in his climate change bill. he will generally see a lot of guys who hire the best lobbyists will get ahead because they will get the
mac, all disasters, all costing the taxpayer. for more on this on crony capitalism, i'm joined by tim carney, senior political columnist by the "washington examiner" author of book, obama-mics and how barack obama is bankrupting you and enriching his are corporate friends, wall street lobbyists. this is the perfect guest for this siggment. thanks for coming in. appreciate you being here. what can we look forward to in the next four years do you think when it comes to crony capitalism?...
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just for the record, starting in 2001-8, fannie mae and freddie mac purchased 30 percent of the portfolio. that means low picus court. so they have been brewing this risk, giving its homeowners of canada for the loans. suddenly everyone goes to moscow, my gosh. those eu evil banks lend me money when i could not afford to repay it. we have to draw the line somewhere. gerri: and i have a question for you. one of the findings that the sec talked about in their conference call with reporters and others was that the number of people who are harmed financially by these loans, only six and a half% of the total. this is interesting because you would think that everybody who would be eligible for money who would get money would have been harmed financially. it seems that that is not the case of all. how do you respond to that? >> if you talk to the independent consultants out there that we have been talking to, they are telling guess is that they were just getting that information now, and they were finding wide spread abuss by these banks, but now they're stopping. the one time in really history
just for the record, starting in 2001-8, fannie mae and freddie mac purchased 30 percent of the portfolio. that means low picus court. so they have been brewing this risk, giving its homeowners of canada for the loans. suddenly everyone goes to moscow, my gosh. those eu evil banks lend me money when i could not afford to repay it. we have to draw the line somewhere. gerri: and i have a question for you. one of the findings that the sec talked about in their conference call with reporters and...
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Jan 9, 2013
01/13
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CSPAN
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are you saying -- i think fannie mae and freddie mac me to go away -- will you have to change the guidelines for eminent domain from -- like the case and rhode island -- are you going to change the guidelines to say we will take your homes because you cannot afford the mortgage, read develop another community -- develop another community -- will you change the laws for eminent domain? and two - how are you addressing the loss or does everybody have to be a homeowner? is it ok to beat a renter? be a renter? >> there was a piece of that that i wanted to speak to because you got at something i was alluding to earlier. if, in fact, the program does not require that the previous owner has the right to buy a home back, those properties, balloons could be purchased and the homeowners could be out of their homes. that was the concern i was racing. i thought that got your point about what if the government uses its authority to buy those loans and say by definition of this program you are upside down by x percentage and you cannot afford the loan so we purchased it and we will use your property for o
are you saying -- i think fannie mae and freddie mac me to go away -- will you have to change the guidelines for eminent domain from -- like the case and rhode island -- are you going to change the guidelines to say we will take your homes because you cannot afford the mortgage, read develop another community -- develop another community -- will you change the laws for eminent domain? and two - how are you addressing the loss or does everybody have to be a homeowner? is it ok to beat a renter?...
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Jan 7, 2013
01/13
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CNBC
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i know freddie mac -- the gses were off the table. they settled with freddie mac in 2011. but there was talk of a settlement, but that hasn't happened as of yet, correct? >> that is currently $8.5 billion settlement that has gone back to a judge. they're trying to figure out whether the ruling that was made was actually something that both sides can agree on. we're still waiting for a ruling there. $8.5 billion is what the previous settlement was. now, there's a question over whether it could be more than that, whether the judge will let that settlement go through. but if it is more than that, and if they do need to go back to the drawing board, that could be a long and winding road and the bank could end up reserving more for that. we don't think that will be something that's a big lingering question mark. that's something that the bank has already reserved for on the private side, david. >> got it. all right. kayla, thank you. >> the s&p rallying to levels we haven't seen since the financial crisis. with the new highs, how much longer can we hold. tom lee over at jpmorga
i know freddie mac -- the gses were off the table. they settled with freddie mac in 2011. but there was talk of a settlement, but that hasn't happened as of yet, correct? >> that is currently $8.5 billion settlement that has gone back to a judge. they're trying to figure out whether the ruling that was made was actually something that both sides can agree on. we're still waiting for a ruling there. $8.5 billion is what the previous settlement was. now, there's a question over whether it...
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Jan 10, 2013
01/13
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FOXNEWSW
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freddie mac says the average interest on 30-year fixed loan is 3.4%. up from 3.34% last week. stocks finished in positive territory today. the dow gained 81. the s&p 500 was up 11. nasdaq rose 16. here at home, there could be a quirky consequence to jack lew as new treasury secretary. we'll show you what that is later in the grapevine. up next no, tea party in boston. as flu hammers the bay state. meet the 5-passenger ford c-max hybrid. when you're carrying a lot of weight, c-max has a nice little trait, you see, c-max helps you load your freight, with its foot-activated lift gate. but that's not all you'll see, cause c-max also beats prius v, with better mpg. say hi to the all-new 47 combined mpg c-max hybrid. >> bret: the flu outbreak affecting much of the united states is jamming emergency rooms and keeping people from work and school. the map is amazing. massachusetts is feeling it now. correspondent molly line is in boston tonight. >> 700 cases of the flu compared to 70 this time last season, most are trying to deal with massive influx of patients. >> i am declaring a pub
freddie mac says the average interest on 30-year fixed loan is 3.4%. up from 3.34% last week. stocks finished in positive territory today. the dow gained 81. the s&p 500 was up 11. nasdaq rose 16. here at home, there could be a quirky consequence to jack lew as new treasury secretary. we'll show you what that is later in the grapevine. up next no, tea party in boston. as flu hammers the bay state. meet the 5-passenger ford c-max hybrid. when you're carrying a lot of weight, c-max has a nice...
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average fixed year is.35%, that is according to freddie mac. that may not be the bottom. with me team invements president and founder. we appreciate you being here on a holiday evening. let me ask you very quickly. why would the fiscal cliff negotiations push mortgage rates down? i thought that was the federal reserve and all the money they're pumping into this economy? >> well, if they do not come to same kind of a conclusion and get us over this cliff the rates will stay down because people need to borrow. i read a thing today that said it is lower, your payment is lower to purchase a home today for $275,000 with 5% down, than it was in 1987 purchasing a home for $170,000. adam:bout are you seeing a correlation between the fiscal cliff and the chaos we've been reporting on for several months and the drop in mortgage rates? different than the way the federal reserve drives down interest rates? >> well they're going to keep the mortgage rates low as an incentive for buyer, period. but we'll see them tick up a little bit towards the middle and end of 2013 because they have
average fixed year is.35%, that is according to freddie mac. that may not be the bottom. with me team invements president and founder. we appreciate you being here on a holiday evening. let me ask you very quickly. why would the fiscal cliff negotiations push mortgage rates down? i thought that was the federal reserve and all the money they're pumping into this economy? >> well, if they do not come to same kind of a conclusion and get us over this cliff the rates will stay down because...
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Jan 18, 2013
01/13
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freddie mac says the average rate dipped to 3.38% from 3.4% last week. the 30-year average of 3.6% in 2012 was the lowest annual average in 65 years. guys, cheaper mortgages are a major reason the housing market has been bouncing back. many economists believe the recovery was strengthened throughout the year. >> shartia brantley. thank you. >>> now to a house that, it had a mortgage, the monthly payment would be more than a million dollars. talk about a prime piece of real estate. the white house is worth nearly $300 million. zillow released its calculation of how much the white house would cost if it were on the market. this year, the house at 1600 pennsylvania avenue is valued at $294.9 million. that includes 55,000 square feet, 35 bathrooms, 16 bedrooms and 18 acres of prime real estate. zillow also calculated how much the obamas could get if they rented out the white house. that's about -- i'm choked up on this. $1.75 million for rent for the white house. >> a lot of money. president obama. >> couple islands. president obama and the first lady left t
freddie mac says the average rate dipped to 3.38% from 3.4% last week. the 30-year average of 3.6% in 2012 was the lowest annual average in 65 years. guys, cheaper mortgages are a major reason the housing market has been bouncing back. many economists believe the recovery was strengthened throughout the year. >> shartia brantley. thank you. >>> now to a house that, it had a mortgage, the monthly payment would be more than a million dollars. talk about a prime piece of real...
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Jan 15, 2013
01/13
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fannie mae and freddie mac, which were taken into receivership at the beginning of the crisis, because of the losses they suffered cuts of low levels of capital. a pretty widespread agreement in washington that reform is needed. the dodd frank bell is broad and has covered major parts of the financial system. >> this is from an audience member. had he respond to the people who question the constitutionality of the federal reserve and would like to severely weaken it? had he respond to members of congress who wish to audit the fed? >> i am not a lawyer. the fed has been around for a century, and nobody has had a supreme court case. i am not owing to get into that issue. i think the fed performs the critical role of managing the monetary system, which is the power it that congress has to delegate. let me talk to the other issue, which i think is more substantive. as you know, there are bills in congress that would audit the fed. it sounds like something -- how could anybody object to it? don't you have to look and see what is on people's books? the trouble with that, that is not what it
fannie mae and freddie mac, which were taken into receivership at the beginning of the crisis, because of the losses they suffered cuts of low levels of capital. a pretty widespread agreement in washington that reform is needed. the dodd frank bell is broad and has covered major parts of the financial system. >> this is from an audience member. had he respond to the people who question the constitutionality of the federal reserve and would like to severely weaken it? had he respond to...
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Jan 9, 2013
01/13
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fannie mae and freddie mac are not pursuing, you dollars a pair. federal finance agency showed been a positive to tax payers and hope to recover in communities like san bernardino it's not happening. services have a lot more flexibility than they pursued in order to modify loans, putting principal reductions. aqua and financial has been a leader in a principal reduction program. there's also things like bankruptcy protection in a federal level debated in congress, would cost the american public nothing. if i put a household under financial distress to restructure the debt on their family home and keep it. if you own a luxury yacht, if you own luxury yacht as a rental property, you can restructure debt, but she can't if you're a moderate memo income that has a simple home is to principal asset. the factory in this conversation is unfortunate because many things can happen before we have to go to an extreme measure of eminent domain. >> does everyone agree that principal reduction is in fact what has to happen? later in the conversation at church tax
fannie mae and freddie mac are not pursuing, you dollars a pair. federal finance agency showed been a positive to tax payers and hope to recover in communities like san bernardino it's not happening. services have a lot more flexibility than they pursued in order to modify loans, putting principal reductions. aqua and financial has been a leader in a principal reduction program. there's also things like bankruptcy protection in a federal level debated in congress, would cost the american public...
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Jan 18, 2013
01/13
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freddie mac says the average rate on a 30-year fixed loan dipped to 3.38% from 3.4% last week. the 30-year average of 3.6% in 2012 was the lowest annual average in 65 years! cheaper mortgages, of course, where a major reason the housing market has been bouncing back and why many economists believe the recovery will strengthen this year. >>> and finally, sony's selling its u.s. headquarters at 550 madison avenue for $1.1 billion. the building was constructed in the early 1980's by at&t. sony bought the building in 1992 for just $236 million. back to you. >> thank you, jackie. keith? >>> president obama released his official inauguration play list featuring the artists scheduled for monday and a few of his personal favorites. the list includes stevie wonder, beian say, katy perry and lady ga gaga. the list is available on spotify.com. >>> and as thousands get ready to hit the dance floor for inaugural balls and parties remember, there's a certain etiquette. we have terry from dance sport along with his dance partner, alice williams. you're going to teach us how we should properly
freddie mac says the average rate on a 30-year fixed loan dipped to 3.38% from 3.4% last week. the 30-year average of 3.6% in 2012 was the lowest annual average in 65 years! cheaper mortgages, of course, where a major reason the housing market has been bouncing back and why many economists believe the recovery will strengthen this year. >>> and finally, sony's selling its u.s. headquarters at 550 madison avenue for $1.1 billion. the building was constructed in the early 1980's by...
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Jan 10, 2013
01/13
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freddie mac reporting 3.4% from 3.34%. the 15-year rate rose to 2.66%. and the number of americans filing new applications for unemployment benefits rising by 4,000 to a total of 371,000. prior week's total was revised lower by 5,,000, splitting hairs quite a bit on the weekly readings, but the bottom line we're still trending toward improvement. ashley: we are hoe humming along. we've got john brady in the pits of the cme, david flyer and jack ablin, chief investment officer of bmo o private bank. let's begin with john at the cme. i guess the story has been china gave the markets a nice boost with much better economic data. has that been the big story? >> it is, it's the number one story. but likewise, too, we saw a tightening back today of european sovereign yield spreads over in europe, italy, spain and portugal specifically. that helped boost overnight markets and, of course, economic data here was relatively strong or at least continues to come in with better than expectations. so those three things combined certainly helped give equities a boost. w
freddie mac reporting 3.4% from 3.34%. the 15-year rate rose to 2.66%. and the number of americans filing new applications for unemployment benefits rising by 4,000 to a total of 371,000. prior week's total was revised lower by 5,,000, splitting hairs quite a bit on the weekly readings, but the bottom line we're still trending toward improvement. ashley: we are hoe humming along. we've got john brady in the pits of the cme, david flyer and jack ablin, chief investment officer of bmo o private...
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Jan 11, 2013
01/13
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mac undergirding most of the market now and we'll allow for a transition as congress and others consider how to reform those entities. >> warner: have you been able to quantify how many people today are getting mortgages though their total debt-- i'm thinking particularly student debt which didn't used to be a huge factor but is for a lot of young people now-- how many people are getting mortgages for that, say 50% total debt that just will be shut out now. >> so giving the criteria i've dried, not only the 43 debt ratio but the other provision we have crunched the numbers and it appears all of the existing mortgage market would be covered by this rule. so we don't think that we're going to be crimping lending and we don't mean to be and don't want to be crimping lending. we've drawn them real carefully to avoid that. with stronger consumer protections and clearer rules of the road that's good for lenders because they have more certainty they should be able to get more secondary market financing to support their lending. secondly, they don't have to compete against the reckless lending t
mac undergirding most of the market now and we'll allow for a transition as congress and others consider how to reform those entities. >> warner: have you been able to quantify how many people today are getting mortgages though their total debt-- i'm thinking particularly student debt which didn't used to be a huge factor but is for a lot of young people now-- how many people are getting mortgages for that, say 50% total debt that just will be shut out now. >> so giving the criteria...
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Jan 10, 2013
01/13
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mac undergirding most of the market now and we'll allow for a transition as congress and others consider how to reform those entities. >> warner: have you been able to quantify how many people today are getting mortgages though their total debt-- i'm thinking particularly student debt which didn't used to be a huge factor but is for a lot of young people now-- how many people are getting mortgages for that say 50% total debt that just will be shut out now. >> so giving the criteria i've dried not only the 43 debt ratio but the other provision we have crunched the numbers and it appears all of the existing mortgage market would be covered by this rule. so we don't think that we're going to be crimping lending and we don't mean to be and don't want to be crimping lending. we've drawn them real carefully to avoid that. with stronger consumer protections and clearer rules of the road that's good for lenders because they have more certainty they should be able to get more secondary market financing to support their lending. secondly they don't have to compete against the reckless lending that
mac undergirding most of the market now and we'll allow for a transition as congress and others consider how to reform those entities. >> warner: have you been able to quantify how many people today are getting mortgages though their total debt-- i'm thinking particularly student debt which didn't used to be a huge factor but is for a lot of young people now-- how many people are getting mortgages for that say 50% total debt that just will be shut out now. >> so giving the criteria...